Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.
ideaForge Technology Ltd (NSE: IDEAFORGE) Q4 2026 Earnings Call dated May. 04, 2026
Corporate Participants:
Vidhi Vasa — Investor Relations
Ankit Mehta — Co-Founder, Chief Executive Officer and Whole-Time Director
Rahul Singh — VP Engineering and Whole-Time Director
Vipul Joshi — Co-Founder, Chief Financial Officer and Whole-Time Director
Analysts:
Balasubramanian — Analyst
Unidentified Participant
Unidentified Participant
Unidentified Participant
Unidentified Participant
Presentation:
Operator
Good day and welcome to Ideaforge Technology Limited Q4NFY 26 earnings conference call. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, resignal an operator by pressing Star then zero on your touch tone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Vidhi Vasa from musg. In time. Thank you.
And over to you ma’. Am.
Vidhi Vasa — Investor Relations
Thank you and good morning. On behalf of MUFG End Time I’d like to welcome you all to IDA Forge Technology Limited Q4 and FY26 Earnings Conference Call. From the management side we have Mr. Ankit Mehta, Chief Executive Officer and Whole Time Director. Mr. Rahul Singh, VP Engineering and Whole Time Director. And Mr. Vipul Joshi, Chief Financial Officer and whole time Director. I hope everyone had an opportunity to go through our investor deck and press release that we have uploaded on our Exchange and company website.
A short disclaimer I would like to say before we begin the call. This call may contain some of the forward looking statements which are completely based upon our beliefs, opinion and expectations as of today. These statements are not a guarantee of a future performance and may involve unfortunate risk and uncertainties. With this now, I hand over the call to Mr. Ankit Mehta. Over to you sir.
Ankit Mehta — Co-Founder, Chief Executive Officer and Whole-Time Director
Good morning everyone. Idea for this Quarter four Earnings Conference Hall. I hope all of you are doing well. I’m joined today by our CFO Mr. VIP Yoshi. Our VP of Engineering, Mr. Raul Singh. I’m
Operator
Sorry sir. Sorry to interrupt. Your voice is maple. Sir. Can you come closer to the mic?
Ankit Mehta — Co-Founder, Chief Executive Officer and Whole-Time Director
Yeah. Shall I restart?
Operator
Yes please sir. Thank you.
Ankit Mehta — Co-Founder, Chief Executive Officer and Whole-Time Director
Good morning everyone and thank you for joining for Idea Forges Quarter 4 and FY26 Earnings Conference Call. I hope all of you are doing well. I’m joined today by our CFO Mr. Vipul Joshi and our VP of Engineering Mr. Rahul Singh and our Investor Relations team. FY26 has been an important year for Idea Forge visibility. Strengthening execution readiness, de risking supply chains and continuing to invest the technology I believe will define the future of unmanned systems. Quarter four brought many of these efforts together.
If I had to summarize the quarter in one line, I would say that Quarter four was the quarter where while the order booking momentum continued, it was also converted into execution all the way to acceptance of our delivered electronic warfare intelligence capability with real world testing and as a result the revenue converted into profitability as well. In Q3 we had spoken about the strength of our order book and our focus on delivering a significant part of it in quarter four. I’m pleased to say that we delivered on that intake.
During the quarter we executed around 40% of our open order book of Q3, recording our highest ever quarterly revenue and profit after tax and closed FY26 with positive EBITDA. For us, this is more than a strong quarter. It is a validation of the operating model we have built across engineering, supply chain, ecosystem, manufacturing and customer delivery. When the opportunity arrived, the organization was able to respond with speed, discipline and quality despite the geopolitical shock in March.
Today I will cover five broad areas. Order execution, technology progress, our expansion into emerging defense opportunities, other business updates, and finally the financial performance and focus for financial year 27. Let me start with order booking. FY26 was the strongest year in our history in terms of order inflow. We booked approximately 530 crores of orders across defense and civil customers and the highest annual order booking in our nearly two decade journey. While the value of the order book is important, the quality of the order book matters as well.
When customers place a large number of orders the with us for EW resilient systems, it reflects their confidence in our platforms, our technology depth and our ability to deliver dependable systems at scale. For Q4 our central focus was order to revenue conversion. Our teams along with ecosystem partners work simultaneously on product readiness, material availability, production, customer inspections and acceptance to make it happen. This happened during a period when global supply chains were again under pressure due to geopolitical developments.
Despite these challenges, we executed and delivered 40% of the open order book in Q4. This was possible because of the scale and resilience we have built across the value chain and because of the choices we have made over the years to retain engineering ownership, build deeper control over critical technologies, invest in capability and capacity building and avoid fragile assembly LED or transfer of technology LED models for our core business. When conditions are stable, these choices may not always be visible, but when conditions become difficult, breadth and depth both matter.
As of 31st March 26th, our opening order book for FY27 stood at approximately 310 crores. This gives us a healthy base to begin the new year and provides meaningful revenue visibility as we move into the next execution cycle. Let me speak about technology now. One of the most important developments in Q4 was the delivery and customer acceptance of our electronic warfare resilience system. Over the last few quarters we have spoken about EW resilience moving from a desirable feature to to a baseline requirement.
Global conflicts have made it clear that UAVs operating in contested environments must be able to handle jamming, spoofing, degraded communication and gnss denied conditions. For Idea Forge, this was not a sudden pivot. We have started investing in these capabilities almost three to four years back because we could see where technology landscape and customer requirements were heading. Our philosophy has been to build ahead of the market, not to chase it after the requirement becomes obvious. In Q4, EW resilience moved from being a developmental and demonstrable capability to a deployed and inducted capability.
These systems went through extensive acceptance testing by our end users in tough EW environments as well as rigorous country of concern inspections. That matters because a demo proves possibility, but deployment proves capability and trust. As more procurement programs begin to include EW resilience, GNS has denied navigation and secure indigenous subsystems as mandatory requirements. The capabilities we have built become repeatable advantages. They help us qualify faster, compete stronger and bring field tested solutions to customers who cannot afford failure or denial in real missions.
During the quarter we also continued progress across multiple technology tracks including production readiness of our Q6 and switch next generation platforms, improvement in flight, cloud, AI and autonomy initiatives, resilient navigation and secure communications. But these are not isolated initiatives. They are all part of the same core architecture. We have been building on performance, reliability, autonomy, resilience and secure indigenous control. That has been IDFOG’s DNA from the very beginning.
A major strategic theme for the next phase of expansion of our capabilities beyond ifr. Drones have moved from being just in surveillance and intelligence roles into offensive and tactical operations. Loitering munitions, long range strike platforms, kamikaze systems, swarming and air launched effects are no longer futuristic concepts. They are becoming part of active military planning. We are approaching this opportunity with intent, but also with discipline. We are now extending our technology base into combat drone capabilities including long range strike platforms, loitering munitions and kamikaze systems through a combination of in house development and strategic partnerships.
This is not a sudden shift away from our core ISR business. It is an adjacency built on the same technology base and our engineering and operational depth built over two decades gives us a credible right to compete and win. It so happens as the customer thinks of including combat capabilities in their day to day operations in the next phase, they are looking at ISR drone providers as the fulcrum of integrating these combat drones for multi UAV orchestration and futuristic fully autonomous operations be it in swarms or otherwise.
Therefore, Idea Forge’s focus on ISR platforms till now and augmentation and integration of combat drones now gives us a natural advantage. Q4 was also an important quarter for our international footprint. We received our first order in the US from the Lamar Police Department in Texas where our drones will support student safety across a school district. The first order in a new geography is never just about the order. It is about product, market fit, customer validation, execution, confidence and building reference ability.
We also became the first Indian drone company to train NATO forces at the US National Test Pilot School. For us, this is a strong validation of our technology credibility and our ability to engage with sophisticated global defense users. In addition, we demonstrated our products to U.S. Department of Defense customers in extreme cold weather conditions in aska. Our platforms have now flown in some of the highest altitudes in the world and near both the north and south poles. This will help us target the right use cases and customers where our products offer differentiated capabilities.
We also signed a strategic MOU with Digital Media Professionals incorporated in Japan to enter Japan and develop next generation AI drones. This is aligned with our broader ambition of taking Indian deep tech to global markets through focused partnerships. Our deployed fleet completed over two 50,000 end customer flights in financial year 26 and crossed 950,000 cumulative flights. These numbers reflect more than deployment scale. They reflect operational learning, customer trust and reliability built through real missions, in real conditions and now globally.
Let me now connect this operating and strategic process to the financial performance for Q4. FY26 revenue from operations stood at INR141 crore compared to 20.3 crore in quarter 4 FY25 this was our highest quarterly revenue so far. Gross profit for the quarter stood at INR 95.4 crore with a gross margin of 67.6%. EBITDA for the quarter fall stood at 74.2 crore translating to an EBITDA margin of 52.6%. Profit after tax for quarter four stood at 60 crore with a packed margin of 42.5 crore for the full year F26 revenue from operations to that 286.1 crore compared to 161 crore is 525.
Operator
I’m sorry sir, again we are losing your voice.
Ankit Mehta — Co-Founder, Chief Executive Officer and Whole-Time Director
Gross Profit stood at 131 crore with a gross margin of 58%. FY26 EBITDA stood at 27 crore. This is in line with our indication in quarter three about positive EBITDA for FY26. For FY26 we recorded PAT of negative 17 crore. While the full year pat is still negative, the improvement is clear. The loss reduced sharply. EBITDA turned positive and Q4 demonstrated that when order book and revenue scale even moderately, execution intensity, product mix and the cost discipline come together and the business is set up to generate strong profitability.
The task is now to move from quarterly profitability to annual profitability. That is one of the focuses operating for FY27. So the key financial message is FY26 was not only a recovery in demand, it was also proof that perseverance, scale and financial discipline can go hand in hand. As we enter FY27 our priorities are clear. First, execution. We begin the year with an opening order book of approximately 310 crores. Our focus is to convert this order book into revenue with discipline, quality and customer satisfaction.
Second, Technology Leadership. We will continue investing in differentiated capabilities such as EW resilience, multi UAV autonomy, AI secure communications, GNSS denied navigation, payload flexibility and next generation platforms including development and integration of combat UAVs and continuing efforts on Zolt and YETI other than our legacy platform categories. Third, Emerging Defense Opportunities we will actively participate in opportunities around tactical UAVs, loitering munitions and long range strike systems and other combat drone capabilities.
There are technology based gives us a credible right to compete and win. Fourth, diversification. We will continue to build civil enterprise, software led and international opportunities through platforms, drone as a service, analytics and partnerships. We remain mindful that execution risk, supply chain, volatility mix, procurement, timing, working capital cycles and quarterly lumpiness will continue to be part of the business. We are not dismissing those realities, we are actively working towards managing them.
We are entering FY27 with a stronger order book, demonstrated execution capability, a validated technology stack, deeper customer trust, a higher visibility on profitability, above all visible demand signals in the market than we had a year ago and this is a good place to build from to close. I want to leave you with the following key takeaways. First, the market opportunity is expanding but differentiation and execution will decide value creation, defense, civil enterprise and and international customers are all moving towards greater adoption of drones as critical infrastructure.
India’s push for self reliance and the global need for trusted UAV capability create a strong long term backdrop. Our job is to convert this opportunity into revenue, profitability and long term trust. Second, FY26 was a turnaround year. We booked our highest ever annual orders of approximately 530 crores, executed a significant part of the order book in quarter four, delivered our highest quarterly revenue on PAC and ended the year with positive ebitda. I want to thank our customers for their trust, our employees for their perseverance, our partners for standing with us and our shareholders for their continued confidence in Idea Proj.
Thank you. We can now move to Q and A.
Questions and Answers:
Operator
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question May Test star N1 on their touchstone telephone. If you wish to remove yourself from the question queue, you May Test Star N2. Participants are requested to use handset while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Bala Subramanian from Arihan Capital. Please go ahead.
Balasubramanian
Good morning sir. Thank you so much for the opportunity. Congratulations for good set of numbers. Sir, we have received our first US order in Q4. I think JP is with first J. Like if you could explain what is the order size and platform end user and like how we are aligned with this jp we could throw some light on that JV localization strategy and under training NATO forces prestigious. So is there any active foreign military sales or NATO procurement program we have qualified.
Ankit Mehta
Hi Bala, if I can call you that. Thank you for the question. The order that we received in the US is sort of a you can say early pilot order that allows us to demonstrate our capability in the US to deliver a reliable and for a very critical mission for those schools there. Because you know, the kind of challenges that happen in the US with respect to schools and other things, because it’s a school district, they are looking at both the core products that we were pitching so far in the US which is our Switch and Netra platforms or the Q6 platform for that matter.
And in terms of the NATO opportunity, the NATO opportunity is essentially an opportunity for us to showcase our products in front of customers in the Western hemisphere where they are very sophisticated and have very deep experience of using drone technology. We are both receiving feedback as well as receiving appreciation for our capabilities that have been built. And that is the area that we are very excited about. It is a domain where it can lead to, as the word of mouth progresses into opportunities that we directly engage with them.
However, in terms of opportunities that we have participated in, we have participated in some opportunities in the European domain in the US as well. However, trials and demonstrations are yet to take place in many of those. Even qualification as is usual in any defense procurement sometimes takes time. Localization is very important. So it’s not so linear a journey in international markets. And therefore we formed the JV with our partner. First breach in US and then the progress in terms of planning to build our systems there is ongoing and as that starts to happen we will continue to update over here.
Balasubramanian
Okay sir. So on the development side I need to understand about 80 and FNC E2PI payloads and active development side. First thing in 80 I think which are our customer segments in logistics, heavy lift or resupply. And then we can expect a significant revenue in 80 logistics. And secondly on the assumptive E2P payload side, whether we are actively developing higher power platform for FMC ew because I think it’s required several kilowatts and for that platform. And thirdly, we are so actively development of combat drones like loitering munitions and communicates.
So if you could share some light on that.
Rahul Singh
Hi, good morning Mr. Bala. This is Rahul, Rahul Singh. So three parts, the logistics target market and when do we expect revenue. Second is EW capabilities and the third was. Combat drones and related capabilities. So YETI broadly is a middle mile logistics platform for us. We believe there’s a large scale requirement for moving the middle mile problem in a variety of domains. We expect to.
Operator
I’m sorry sir, you are not audible if you’re speaking and we cannot hear you.
Rahul Singh
I hope I’m audible now. So Yadi is focusing on middleman logistics for a variety of domains. We expect to start with military high altitude heavy logistics as the first stage to establish our performance and credibility. Eventually moving on to commercial logistics at scale which we believe is an even larger opportunity in the longer term. From a go to market perspective. We expect tentatively early commercial explorations to start from the coming fy. This FY will continue to go into continued development because of it being a much larger platform, having much much more elaborate development cycles.
On the second part, which is EW capabilities broadly what you are indicating, maybe so electronic warfare can be both defensive and offensive. The primary focus has been resilience in electronic warfare domain. The resilience part of the domain is more driven by the sophistication of the resilience approaches and technologies rather than the power. And that is an area for survivability that we are championing on with a lot of homegrown technologies and we’ll continue to push on that side. The areas which are power hungry are offensive capabilities which would Mean airborne electronic warfare offense.
Those are not immediately part of the current work but are potential options for the pipeline where we do put high power offensive electronic warfare payloads as well. On the third part which is on the combat drones capability broadly we are tracking this for a while now and we are approaching it with variants which we think have the highest need and the impact for the end user. The combat drones domain itself has high variety from short, medium to long ranges and a variety of strategies. There we are picking up the most relevant ones where we think there’s a path to the highest impact and hopefully we’ll be able to convert into opportunities in this.
Balasubramanian
Sir, my last question on the order book side, I think we have delivered 40% of open orders in this Q4 and guided to 40 to 45% conversion for the quarter. So we could share overall order pipeline and what is our winning rate? Is there any tenders are coming up? And secondly on the supply chain side, which specifically subsystems or components are most at risk based on the current geopolitical side like specifically like GNSS chips, IMO’s, specialized cons models, it could share on the supply supply chain side.
Ankit Mehta
Sorry, your voice is not very clear
Balasubramanian
Sir. First thing on the order book side so need to understand about the pipeline, our conversion rate and is there any active tenders are there? And second thing on the supply chain side, which specific subsystems or components are at risk based on the current geopolitical side?
Ankit Mehta
See on the supply chain side because of a global supply chain around thermal images, they remain to be a constraint challenge for thermal everyone at this point in time because of multiple reasons and therefore, you know, that’s one area that I can suggest is a challenge amongst many others in terms of order book itself. Order book is of course a mix of orders for all three of our core platform categories which is soholt and switch and Netra category of systems or Q6 category of systems. So we have orders for all of them.
The order book is a mix of both our defense and civil customers with defense being the bigger, much bigger share of the PI as compared to our civil customers. And overall I think in terms of opportunities, there are many opportunities that are brewing and they continue to be traction on that indication with respect to a very large buying cycle coming in from the Indian armed forces. There have been certain approvals that have also happened in the DPB for the same for at least some of those opportunities.
So it’s an actively developing scenario with respect to a very large opportunity base that is unlocking in the Year as well as small opportunities continue to come by and get converted as well from time to time.
Vipul Joshi
Thank you so much for the details.
Operator
Thank you ladies and gentlemen. In order to ensure that the management will be able to address questions from all the participants in the conference, kindly limit your questions to two per participant. Should you have a follow up question, please rejoin the queue. The next question is from the line of Deepak Podar from Sapphire Capital. Please go ahead.
Unidentified Participant
Yeah, I’m audible sir.
Operator
Yes, you are.
Unidentified Participant
Okay, thank you very much sir for this opportunity. And so just wanted to understand on order book that you were mentioning. So is it possible to give some quantific number, I mean what sort of pipeline we have and what sort of inflow we are expecting in FY27 and FY27 execution where we are seeing what percentage of your order book we are expecting to execute in FY27
Ankit Mehta
In terms of execution in FY27, the open order book that we have indicated which is about 310 crores that is slated for execution in the FY27 itself. And in terms of pipeline, we do expect to continue to close a lot of what we typically internally call as run rate opportunities that keep coming in the market. We are seeing developments on the geospatial side, we are seeing developments on a lot of homeland security side etc. So that will be there, there will be procurements that will happen at the command level in the armed forces as well.
We hope that we will be able to close some business on the international side as well. However, in terms of large opportunities, they are currently under progress. Like I said, some of them have been approved by the Defence Production Board and there is work happening with respect to getting them onto the road, with respect to tendering and all of that as well. So that’s what is happening both with respect to execution and order pipeline, development opportunity pipeline
Unidentified Participant
And what sort of order info we are targeting, I mean which were around, I mean this year we saw around 530 crores. Right?
Ankit Mehta
Again, we don’t give those projections at this point in time.
Unidentified Participant
Okay, okay, understood. And just one last thing on the working. I’m sorry
Operator
Deepak, I’m really sorry. Please read the
Unidentified Participant
Question. Oh, okay. Thank you.
Operator
Thank you. The next question is from the line of Santosh from Aya, pms. Please go ahead.
Ankit Mehta
Yes,
Operator
Yes you are.
Vipul Joshi
Hello. Yeah, okay. Can you just give me the breakup of the order book segment based like different interviews.
Ankit Mehta
We’ve traditionally not done that Santosh, so we restrain from that presently as well.
Vipul Joshi
Yeah, okay, so no issues. Also one more question on the recent government tender on the surveillance zone. It is 164. Don’t. Are you participating in the tender Comments on the state of the tender since May as a deadline for the tender
Ankit Mehta
Santosh we won’t be able to comment on specific opportunities if that is okay.
Vipul Joshi
Okay. Okay. That’s it.
Operator
Thank you. The next question is from the line of Kur Kumar from Nif Shai. Please go ahead.
Vipul Joshi
Hello.
Operator
Yes, you are audible.
Vipul Joshi
So congratulations on good success number. Sir, my first question is what kind of margin stability we are looking forward in quarters and on the yearly level. And on the second time is like the offensive capabilities we are developing. Is it getting developed on existing platform or it is entirely new product development sites.
Unidentified Participant
Thank you Mr. Chair. So my expectation as a blended for the year roughly about 50 to 55%
Rahul Singh
Is our scope for the year quarter on quarter numbers obviously you know that we don’t give any forward looking predictions. So on a blended rate that will be our expectation from a product perspective. I’ll let Rahul answer. So on the combat drones capability, as I already indicated in the opening remarks that it will be built both as a combination of in house capabilities. So our existing technology stack will strong role in a lot of these capabilities. But we are also mixing it with a lot of partnerships to augment capabilities wherever relevant.
So both internal as well as partnerships.
Vipul Joshi
Okay. And the last question sir, like right now we all, almost all got the orders of the emergency procurement. Like are we participating in the capital procurement also in current year or in the forward looking years? Yes, of course. Thank you.
Operator
Thank you. Next question is from the line of Yash Mehta from SKP Capital. Please go ahead.
Vipul Joshi
So actually I wanted to ask what the government is thinking for this FY27 in terms of defense and how companies are leveraging it.
Ankit Mehta
So yes, from our understanding if you look at the amendments that have happened in the defense procurement process as well or they are intending to happen, the approach in terms of looking at procurement in the form of strategic platforms that have decadal life is a different long term approach which may be a little bit slow in terms of procurement versus looking at platforms that have a very high iteration cycle and shorter life in terms of technology stability, the approach will be to get into faster procurement cycles.
So from that standpoint what we are seeing in terms of traction is for a lot of faster procurement cycles with respect to tactical drone capabilities which includes drones for long range capability. When I say long range, at least from what’s Visible, there are opportunities for a few hundred kilometers or 100 plus kilometers as well, including opportunities for shorter ranges than that. And then of course many of these capabilities are being juxtaposed with the ability to act on that intelligence gathered by an ISR drone.
And therefore there is in many cases a combination of ISR plus strike capability as well. So that’s broadly the approach for procurement, the intended scale of procurement I had indicated last time as well that a multi billion dollar opportunity within the year going to the floor in terms of purchases. So it’s a very large scale that at least we have learned from public sources as well.
Vipul Joshi
Okay, okay, got it. And my next question is like, which areas are the main target in terms of spending or opportunities for companies like Idea Forge?
Ankit Mehta
For us, we will continue to iterate on the broad categories that we have defined for ourselves. In terms of drones, we are working on quadcopters which are of a backpackable class. We have been working on hybrid VTOL UAVs for of the backpackable class as well as we are working on vehicle portable hybrid VTOL UAVs as well as we are working on a very large logistics UAV as well. So these are the broad categories within this. You know, airframes may evolve, but the broad categories remain the same.
And from traditionally doing ISR to looking at one way attack systems as well is the broad pivot that we are also making. But like I said, the pivot is on the back of the fact that we do an ISR system of a very high quality that allows us to be in that pole position, to be integrating the strike capability. Because one thing that we’ve been talking about for a very long time is that ISR or Intelligence Surveillance and Reconnaissance is the bedrock of building very useful combination of systems that can detect targets as well as then leverage some of these one time use systems to utilize the target.
So that combination is something that we’ve always been vocal about and it’s coming to play in that same question now.
Vipul Joshi
Okay, okay, got it, got it. Thank you so much.
Ankit Mehta
Thank you.
Operator
Thank you. Next question is from the line of Milan Karmarkar from Dalal in Doja. Please go ahead.
Unidentified Participant
Well, thank you very much for taking my question. So I had basically wanted, I basically wanted to understand that it seems that there is a large opportunity since India is growing its transmission line significantly. There seems to be a very big opportunity in for drones in power line inspection and other things, especially in US. I know that there is a lot of opportunity which is triggered off now. So just wanted to understand, are you seeing that already happen in the, in India and are we participating in that?
Ankit Mehta
It’s a great question, Milan. I agree with you that power line inspection is a very useful opportunity. In fact, like you rightly said, India has a lot of upcoming power line projects as well.
Unidentified Participant
And our
Ankit Mehta
Drones are very useful in one doing a more accurate planning of power line inspections or power line installations. Then we have a role to play in power line inspections as well, particularly in the right of way inspections. Traditionally we had not built solutions for power inspection in power line and that is why we have sort of not very enthusiastically approached that market. But going forward, since we now do have certain capabilities and tower inspection as well, we will be approaching that market opportunity.
So thanks for your question. All right, thank you.
Operator
Thank you. Next question is from the line of Jai Chauhan from 3 Metranages. Please go ahead. Mr. Chair, good afternoon. Thank you.
Vipul Joshi
Yeah, thank you for the opportunity. Yes, you
Operator
Are.
Vipul Joshi
Congratulations on a good set number. Sir, I just have one question. I was just going through few of the newer developments in the counterdome system, so I came across a video of which can, you know, disable entire swarms by targeting onboard electronics rather than communication. So I just wanted to understand is there any, you know, ongoing efforts around? Since you are talking about EW resilience, is there any ongoing efforts, you know, to protect us from this technology or, or are you aware of the same?
Rahul Singh
So if I understood your question correctly, you are indicating towards the variety of strategies for counter drone systems and our strategies to counter them. So broadly we understand counter drone systems lie in broadly two domains, hard kill and soft kill. Within soft kill as well, the typical approach has been electronic warfare where the communication and the GPS navigation signals have been interrupted. And that’s the first order of business which has been hardened to a level and that will continue to get hardened because this area is essential for technologies which need continued operation and real time insight availability.
So that’s the baseline and we’ve been doing tremendous amount of work to do to generate these capabilities in house domestically. On top of that, the others that you indicated, which are essentially large microwave or high energy pulses which go and take down a large form of drones in mass. Again, there are strategies to shield against these as well, which are the effectiveness of these remains in evolution because they require large amount of energy and are only effective at very short ranges. But those are also part of our awareness and strategy to counter against.
Then goes the area of hard kill options and we are actively tracking those capabilities as well, as a part of the long term strategy, hard kill options obviously are relatively harder to evade because depending on the sophistication and cost of the hard kill offense, it may be difficult to run out a fast approaching missile or something like that. But typically we make it difficult for the hard kill option to be cheaper than the solution that it is trying to neutralize, in which case the asymmetry of solution remains effective.
So as a mix of all of these aspects, this is a constantly evolving field and no one can say that something is solved in black and white because as Ukraine proved, as Iran is proving right now, these offensive capabilities are developing every month, every quarter and hence what we feel is most important is to have a lot of control over the core technology so that we can evolve at the pace of relevance rather than just do one time integration and be obsolete in a quarter or a year.
Vipul Joshi
Got it. That makes sense. That’s it from Officer. Thank you.
Operator
Thank you. Next question is from the line of diteel from Philip Capital. Please go ahead.
Vipul Joshi
Hi sir, thank you for this opportunity and congratulations on a great execution quarter. So my question coming back on the order book again, so while you have mentioned that you’re closing your order book in that say 310 crores, what is the execution timeline that you’re looking at? So is it entirely. So since we have won a lot of emergency procurement orders which were largely due in the 4th of FY26, so what is the execution timeline that you are looking for? The execution of this 101010 score worth of order books and any other wins that we can expect in the next, in near term, in next one or two quarters that might be on the advanced stages of conversions.
Yeah,
Ankit Mehta
In terms of execution I think the first. Yeah the first three quarters is when the order book is from a timeline standpoint expected to be converted into revenue. So that is of the pipeline that is doing a carry forward from the last year in terms of new opportunities. Like I said, there are opportunities which are in advanced stages on the run rate side of the business. Large opportunities from the standpoint of capital procurement are yet to be tendered. So that will take slightly longer.
Vipul Joshi
Got it. So is it safe to assume that this TN 1010 close will be entirely be executed in FY27 or there will be some spillover because of the kind of contract to say later?
Ankit Mehta
No, this is expected to be executed within this year.
Vipul Joshi
Got it sir. That’s it from my side. Thank you so much for answering my questions and all the rest.
Ankit Mehta
Thank you.
Operator
Thank you. Next Question is from the line of Rakesh Roy from Bodi kmc. Please go ahead.
Vipul Joshi
My first question related to sir, as you say to your marginal margin for FY27 near to 50 to 55%. So the it means the current order is a high margin business. Yes.
Ankit Mehta
Okay. And this is for full year. 50 to 55%.
Vipul Joshi
Yeah.
Ankit Mehta
Okay. And is there any, any,
Vipul Joshi
Any guidance, any outlook for next three years, how, how, how you will be in your margin or revenue over the next three years?
Ankit Mehta
The way we have seen Mr. Rakesh is that when the customer looks for buying advanced capabilities, the margin profile improves. When the customer is looking to buy, you can say, you know, mass market capabilities. In that cases the margin profile is relatively new. That’s basically what shows up in general for us as well. At this point in time all indications are that the customer is looking at more advanced capabilities. At the same time they are looking at volumes in those advanced capabilities.
So there is going to be a mix of higher volume but the capability will continue to be more advanced than what we were demanding earlier. And we don’t anyways give very specific projection. What I can definitely say is that from all indications of how the government and the market and the ecosystem is evolving the focus has robustly shifted towards prioritizing drone and drone defense. So that is something which I can definitely very categorically suggest. And the scale of procurement from a few thousand crores in single digits is likely to scale rapidly to a much, much larger number in the next cycle.
Rahul Singh
Just to complement that part of continued technology investment will continue to give us greater control over our margin of the business in the future. So that will directionally remain an area that will continue to strengthen.
Vipul Joshi
Okay
Operator
Mr. Roy, please rejoin the piece of all your questions. Thank you. Next question is from the line of Kushar from Peace Wealth. Please go ahead.
Unidentified Participant
Yeah, thank you for the opportunity sir and congratulations on a great set of numbers. So my first question is if I look at last few quarters, our main focus was on surveillance and how do we increase the civil application side of our core segment. And now this quarter we announced entering into combat drones and bidding in the upcoming procurement cycle for Kamikaze and other target drones. So I just need to understand what really changed that. We changed our perspective from last quarter till now.
And also in the last call you mentioned that there are certain kind of ammunition licenses that are required for a company to add those ammunition to the drone which we did not have at that point in time. Excuse that last thing. So, so what, what, what is the latest Update on that if you’re entering into this long range target drones. So do we have that licenses also in place? So that is my first question.
Ankit Mehta
So Tushar, it’s a great question. First of all, we do not intend to take those licenses even today. We are partnering with a lot of people who handle machines traditionally for the government and therefore those partnerships are what we will continue to leverage and fructify as we progress towards that direction. Second of all, in terms of priority, I think diversification remains an important priority for us. It is necessary for the long term health of the business. Diversification in the form of international markets is continuing, as you can see from the traction that we have shared in terms of continuing our development of drones on the side of enterprise use cases.
That is also something that is robustly on its way. It is not impacted in that one sense because of the existing, you can say, scale that we operate in by default. The new approach is essentially to take this very strong indigenous technology base that we have created over the last few years. That base now has our own homegrown autopilot in its mix. We have our own communication technology. We have our own GPS and or GNSS denied solution. We have our own communication resilience package as well as our own ability to design platforms for extreme environments and very different and varied altitudes.
All of this, when you put together adding this small, I would say incremental layer of combat capability which is essentially hosting a payload and having the ability to target a specific point. Those are the capabilities that we will be augmenting and delivering a new capability to the market. So it’s well within our strike range. We use a lot of our systems because they’ve been designed to be effective in many environments. So it’s not really a very large shift. It is a shift in terms of how we think and the opportunities we will approach.
And like I said, the customer is looking at our traditional capabilities and is pushing us in the direction of integrating those capabilities in our system. A lot of what we will do may not just be in house. It will be achieved by partnering with ecosystem players who are already building good capability in this domain.
Unidentified Participant
That’s very helpful, sir. And if I may ask a follow up question on this, so what is the role that will be played by Zold platform in this target zone? And I believe we executed all the 72cr order that we had on Zold. Have we added any new orders also on the Zold platform? The quarter gone by
Ankit Mehta
Tushar? Not yet. But in terms of the combat Capabilities. If I may bring you back to some of our earlier conversations on these calls. We have been building Zold as the platform that is capable of dropping munitions. And therefore that capability is what is going to come up first on the platform. And then we will be iterating towards one way capability if we believe it’s the right fit for the platform. However, there are other platforms that are looking more conducive for the kind of capabilities or the demand we are envisaging on ground.
So it may not necessarily come up on Zolt based on the demand that we are seeing. Maybe we will evolve that stance as the demand evolves for those categories. Some of these capabilities will be built upfront as well. We will suggest once we have those capabilities built up.
Unidentified Participant
Zolt executing is still pending because of the order timelines that were there.
Unidentified Participant
Okay, then that’s very helpful. My last question, My last question is we call ourselves as a robotic company, not a drone company. So maybe not in the near future, but in the medium to long run, do we have any plans to enter into AI humanoids?
Ankit Mehta
See, one thing is very clear that as an AI and a robotics company, presently our focus has been aerial robotics. But collaborative autonomy is something which is not a future that we can escape. We will have to be a part of the collaborative autonomy future. However, whether we will build our own humanoids or we will collaborate and partner, I think, I think it’s a matter of, I would say opportunity, the capability available in the market and the price point at which that capability is available in the market as well for the needs that the customer has.
Unidentified Participant
Okay, thank you very much and all the best. Thank you.
Ankit Mehta
Thank
Vipul Joshi
You,
Operator
Thank you. Next question is from the line of Shabangupta from Prospera Wells Private Limited. Please go ahead.
Vipul Joshi
Hello.
Operator
Yeah, audible. Please proceed. Okay,
Vipul Joshi
Sir, like as per your order book, like next year, how much revenue are you expecting? Like, like in percentage terms and will you be able to maintain the margins like the current OPM margins that are there?
Ankit Mehta
Shubham, if you look at the open order book and the fact that we have to execute that order book within the first three quarters or so, I would say that that’s already giving a very strong indication of where the revenue will look like in the year to begin with, how much more and you know at what scale eventually is an area which we are continuing to evolve. Like I said, there are opportunities in the run rate business and we are also working towards large opportunities on the capital side. So all of this is work in progress.
We will update the market as we move on.
Vipul Joshi
Okay, sir. And as per your current capability, like how long will it take to complete the current order book as per the current activity? That’s what I mentioned, right? The first three quarters.
Unidentified Participant
So the overall order timeline, it’s still about three quarters. We will execute as and when we get ready.
Vipul Joshi
Okay. And will the margins be sustainable? The current margin
Unidentified Participant
As was previously answered as well. We hope to keep a margin structure between 50 to 55% as a blended for the year.
Operator
Thank you. Ladies and gentlemen, in the interest of time, this was the last question for today. I would like to hand the conference over to the management for closing comments.
Ankit Mehta
Thank you. And thank you for your questions and for your continued engagement. FY26 reinforced our belief that the work we have done over the years is becoming increasingly relevant to our customers and to the market. We moved through a challenging cycle, rebuilt momentum, delivered on our Q4 execution intent, and demonstrated that Ideaforge can scale with discipline. As we move into FY27, our focus remains clear. Thank you once again for your support and confidence in ideaforge. Jai Hind.
Operator
Thank you very much on behalf of Idea Forge Technology limited. That concludes this conference. Thank you all for joining us today. And you may now disconnect your lines.